PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) Stock Has Consensus Target Price of $9.80

Shares of PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) have been assigned an average rating of “Moderate Buy” from the six ratings firms that are covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $9.80.

A number of equities analysts have recently commented on PFLT shares. Weiss Ratings restated a “hold (c-)” rating on shares of PennantPark Floating Rate Capital in a report on Wednesday, August 5th. Zacks Research raised shares of PennantPark Floating Rate Capital from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th.

PennantPark Floating Rate Capital Price Performance

Shares of NYSE:PFLT opened at $7.00 on Friday. PennantPark Floating Rate Capital has a 52 week low of $6.83 and a 52 week high of $9.75. The business has a fifty day simple moving average of $7.22 and a 200-day simple moving average of $7.77. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 0.94. The company has a market cap of $694.04 million, a P/E ratio of 13.72 and a beta of 0.78.

PennantPark Floating Rate Capital (NYSE:PFLT) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.01). The company had revenue of $66.09 million for the quarter. PennantPark Floating Rate Capital had a return on equity of 10.24% and a net margin of 18.53%. Equities research analysts forecast that PennantPark Floating Rate Capital will post 1.06 EPS for the current year.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently disclosed a special dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.0033 per share. This represents a dividend yield of 1,368.0%. The ex-dividend date is Tuesday, September 15th. PennantPark Floating Rate Capital’s payout ratio is currently 188.24%.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

A number of large investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. acquired a new stake in PennantPark Floating Rate Capital during the 2nd quarter valued at $30,000. McIlrath & Eck LLC increased its stake in PennantPark Floating Rate Capital by 177.9% during the 1st quarter. McIlrath & Eck LLC now owns 4,689 shares of the company’s stock worth $38,000 after buying an additional 3,002 shares during the period. Integrated Wealth Concepts LLC acquired a new position in PennantPark Floating Rate Capital in the 2nd quarter worth $40,000. Allied Private Wealth LLC purchased a new position in PennantPark Floating Rate Capital in the 2nd quarter valued at about $51,000. Finally, EverSource Wealth Advisors LLC boosted its position in PennantPark Floating Rate Capital by 496.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 10,001 shares of the company’s stock valued at $93,000 after buying an additional 8,323 shares during the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

PennantPark Floating Rate Capital Company Profile

PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) is a business development company (BDC) that provides financing to middle-market companies. The company primarily invests in floating-rate, senior secured loans, with a focus on first-lien and other secured debt investments. It may also make second-lien debt investments and receive equity interests in portfolio companies.

PFLT seeks to generate current income and, to a lesser extent, capital appreciation by investing in privately owned businesses across a range of industries.